Podium Minerals Limited (ASX: POD, ‘Podium’ or ‘the Company’) is pleased to announce new intercepts for the Central Ore Zone of Parks Reef orebody. Four holes have been returned from Stage 9 drilling and two holes returned from Stage 10 drilling.

---

HIGHLIGHTS

• Six results received for the nine holes drilled into the Central Ore Zone area.
• Intersection highlights include:
  • 16m at 2.51g/t 3E PGM1 (1.69g/t Pt, 0.80g/t Pd and 0.01g/t Au) from 76m (PRRC262)
  • including 2m at 11.48g/t 3E PGM (8.52g/t Pt, 2.94g/t Pd and 0.03g/t Au) from 88m
  • 4m at 2.19g/t 3E PGM (1.57g/t Pt, 0.62g/t Pd and 0.01g/t Au) from 42m (PRRC259)
    • including 2m at 2.87g/t 3E PGM (2.08g/t Pt, 0.78g/t Pd and 0.01g/t Au) from 42m
• The Stage 9 and 10 intercepts continue to be assayed for highly valuable rhodium (Rh), iridium (Ir) and base metals (copper, nickel and cobalt) that will inform our 5E PGM2 resource upgrade expected in October.

Managing Director and CEO - Sam Rodda commented,

“These results from the Central Ore Zone are exciting for Podium and our shareholders. The Central Ore Zone was previously identified to potentially contain higher grade than the surrounding resource, so it is pleasing to see the geological model supported with these results.

“More importantly, if the remaining three holes due in early September continue to confirm the consistent ore grade, it will provide significant data for our ongoing assessment and planning for an initial mining approach. The ability to target high- grade zones in the early years of mining will benefit any economic assessment of the project significantly. Therefore, the Company has been focused on defining these higher-grade zones along the 15km strike.

With multiple high-grade zones now identified, our experienced project development team will incorporate these results into the ongoing conceptual mine design work and hydrometallurgy test work that is underway.”

INITIAL CENTRAL ORE ZONE RESULTS HIGHLIGHT HIGH GRADE AREAS

The approval of exploration access to the Central Ore Zone was announcement on 1 June 2022. Subsequently, nine (9) Central Ore Zone holes (6 holes in Stage 9 and 3 holes in Stage 10) were completed in early July 2022 (ASX announcement 15 July 2022). This drilling was conducted on 200m spaced sections in 3 lines.

Results have been received for 6 of the 9 holes (4 from Stage 9 and 2 from Stage 10; PRRC255, PRRC256, PRRC257, PRRC259, PRRC262 and PRRC265) and confirm the potential of the area to host some intercepts that have values greater than the average MRE grade, (Figure 1 and Appendix D). Hole PRRC265 has been interpreted as intersecting a local dyke displacing the PGM reef, close space drilling closer to operation will identify final location of the PGM reef in this area. The 3E PGM assays for the remaining three holes within the Central Ore Zone are to be received in early September 2022.

ADDITIONAL STAGE 10 HOLE RETURNED WITH POSITIVE INTERCEPT

The results for the last RC hole in Stage 10 (PRRD249) has also been received (Figure 1 and Appendix D). In total 35 holes have now had full assay results returned and an additional 7 holes have partial assays returned (see also ASX announcements on 9 June 2022, 29 June 2022, 15 July 2022, 22 July 2022, 29 July 2022 and 18 August 2022). All 3E PGM results for the remaining Stage 10 diamond core tail drilling are expected in September 2022.

The Stage 10 Programme aims to prove the enlarged Exploration Target of 70Mt to 75Mt at 1.2 g/t to 1.6 g/t 3E PGM for 2.7Moz to 3.8Moz 3E PGM3 (this is additional to the current 3.0Moz 5E PGM Inferred MRE reported to the ASX on 2 August 2022). Delivery of the updated MRE incorporating this target is on track to be delivered in October 2022.

Click here for the full ASX Release

This article includes content from Podium Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.